State Street is the latest asset manager in the US that launches a special division for digital economy activities. State Street Digital is the name of the new division, and Nadine Chakar will lead it.
The new division will focus on addressing the industry’s migration to a fully digital economy. State Street currently has many digital activities, but a fully designated division will help it expand services and be active in more innovative sections like cryptocurrencies and blockchains.
The Whole Industry Focused on Digitalization
Migrating to digital services isn’t a new thing in most industries. The financial sector isn’t any different and has embraced many digital innovations from decades ago. But since the birth of blockchain technology, lots of new aspects of digitalization in the finance industry have emerged. Digitalization itself is experiencing a change of meaning.
Many traditional institutions have followed this revolution. State Street is the latest in the United States that has decided to become fully focused on digital services.
State Street Corporation provides lots of investment services to institutional investors around the world. Investment servicing, investment management, and investment research and trading are just some of the firm’s offerings. With $40.3 trillion in assets under custody and/or administration, State Street is one of the biggest asset managers worldwide. It has worked on many digital services in the past decades. But the US-based company is now more dedicated to entering innovative areas.
Nadine Chakar, three-decade industry veteran and executive vice president of State Street, will lead the new State Street Digital division. This division will expand services and offerings to cryptocurrencies, CBDCs, blockchain, and tokenization.
GlobalLink, a property of State Street, will be integrated into the new division. It will become a multi-asset platform as one of the milestones of State Street Digital. As a result, the platform will support cryptocurrencies and other innovative asset classes. Chakar said about the announcement:
“We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital. State Street has a major role to play in the evolution of digital market infrastructure, and this new division will help us bring our expertise and resources to the conversation. As digital currencies and tokenization not only gain momentum but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”
State Street has been very active in recent years in providing innovative digital services to institutional investors. The new division shows the serious plans in the US company to grow its share in the digital economy market.
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